There is always plenty of advice in the Press about bank accounts for students, but what should you do if you’re still at school and want to open a current account? You may well have a Saturday job which requires a bank account for your wages to be paid into or you may just want the convenience of being able to use a debit card for shopping or withdrawing cash from an ATM.
It should be possible to open a current account with a bank from the age of 11, although you are unlikely to get a cheque book or debit card until you are older. If you are under the age of 16 you may well need permission from one of your parents to open an account, so it is a good idea for them to go with you to the bank.
When choosing where to bank, don’t be too tempted by the lure of the freebies. Although money-off vouchers for high street stores may seem like a good incentive you should choose the bank which offers the best service for you. By all means look at the interest rates offered too, but if you are unlikely to have that much money in your account, the difference is not going to amount to much. If you are planning on saving reasonable amounts, then moving your money to a savings account is your best bet.
The important thing is to choose a bank that you can get to easily and preferably one with a 24 hour Customer Service line. Most banks are closed at the weekend so it can be handy being able to phone for advice, especially if you are unlucky enough to lose your card or cheque book when your branch is shut.
HSBC offers two accounts for 11 to 17-year-olds: My Savings, which gives interest (5.75% AER) and the linked My Account, which includes a cash withdrawal card. It is not possible to become overdrawn and customers can use their card to top up their mobile at an ATM. HSBC also offers the Schoolbranch facility run by pupils.
Lloyds TSB's Under 19s Account can be opened from the age of 11, although for many of the services such as the Visa, debit card, internet and phone banking, customers have to be over 16. Younger clients are provided with a cashpoint card for withdrawing funds from cash machines. It is possible to make deposits at the Post Office which can be handy and the bank also offers commission-free currency. Interest on the balance is paid at 3.3% AER.
NatWest’s Card Plus account is for 11 to 18-year-olds and offers a debit card for use at home and abroad as well as phone and internet banking. Interest is paid at 3.15% AER and freebies include a wallet for cards, statement folder and paying-in book cover.
Barclays’ Young Person’s Account is for 16 to 19-year-olds although the Barclay Plus account is available for 11 to 15-year-olds. For the over 16s a Visa Connect card, internet banking, cheque book, direct debit and standing orders are available although with interest at only 1% AER, you may be tempted to look elsewhere.
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